1987-23 CRA - Laserfiche WebLink

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. . ~ - . . . SECTION 2. Paragraph C, of Section 13 of the Resolution is hereby amended and restated to read as follows: C. The moneys set aside in the Escrow Fund shall be held by the Fiscal Agent solely for the benefit of the Bondholders until transferred to the Redevelopment Fund as hereinafter provided and until so transferred shall not in any way become or be treated as the property of the Agency and the Agency shall have no interest in or right to claim such moneys. The moneys in the Escrow Fund shall be transferred to the Redevelopment Fund annually on December 15, 1986, December 15,1987, December 15, 1988, December 15, 1989 and December 15, 1990 upon receipt by the Fiscal Agent of (i) evidence satisfactory to it that the then effective Initial Letter of Credit or Alternate Credit Facility has been replaced by a new letter of credit issued by the Bank or other financial institution with an equal investment grade rating in an amount equal to the then stated amount of the then effective Initial Letter of Credit or Alternate Credit Facility plus the amount to be disbursed less any increase in the Debt Service Reserve Account; (ii) written evidence from Moody's Investors Service, Inc. if Moody's Investors Service, Inc. rates the Bonds or Standard & Poor's Corporation if Standard & Poor's Corporation rates the Bonds satisfactory to the Fiscal Agent that the new letter of credit will not result in a reduction or withdrawal of the rating with respect to the Bonds; and (iii) a certificate or opinion of an Independent Financial Consultant that Tax Revenues to be received by the Agency during such Bond Year, based upon the most recent assessed valuation of taxable property in the Redevelopment Project Area, furnished by the appropriate officer of the County of Orange, will be at least equal to 1,20 times debt service on the Bonds for the current Bond Year, less debt service for the current Bond Year on a principal amount of Bonds equal to that portion of Bond proceeds which will remain in the Escrow Fund following such transfer. Any moneys not previously transferred and thus remaining in the Escrow Fund on December 15,1990 shall be transferred to the Redemption Fund and applied to the redemption of Special Term Bonds on December 15, 1990 pursuant to Section llA(6). SECTION 3. The Chairman, Secretary and all other officers of the Agency are authorized to execute any and all documents and agreements necessary to carry out the intent of this Resolution. SECTION 4. adoption. This Resolution shall take effect upon its 6942k/2281/05 -2-